ShopBack Receives 643,5 Billion Rupiah Injection from EV Growth and Rakuten

ShopBack, platforms cashback rewards and promo curator, announced a funding round of US$45 million (equivalent to Rp643,5 billion) led by EV Growth and Rakuten. EDBI and other investors participated in this round. With this injection, the total funding obtained by ShopBack until this round was US$ 83 million (equivalent to Rp. 1,18 trillion).

CEO of Ebates Inc (a subsidiary of Rakuten) Amit Patel and Managing Partner of EV Growth Willson Cuaca will join ShopBack's Board of Directors. Interestingly, at the same time, ShopBack Indonesia Co-Founder and Country Manager Indra Jonathan is reported to have resigned from his current position.

This new funding will be used to simplify users' shopping experiences, expand data analytics capabilities to provide business and personal insights, and accelerate growth in key markets. ShopBack. In addition, the company will innovate to launch new features around discovery and giving cashback rewards to improve the consumer experience.

In her official statement, ShopBack Indonesia's Head of Business Development Yolanda Margaretha said, "The very fast user growth is a testament to the value the company provides to trading partners and users throughout the Asia Pacific region.

"We are also very pleased to be able to work with a reliable team, consisting of more than 200 employees and global investors, to continue to innovate in providing smart, faster and better shopping solutions," he said, Wednesday (10/4).

Last year, the transaction volume on ShopBack was claimed to have exceeded 2,5 million transactions per month with a nominal value of more than US$80 million. The visit rate, both via desktop and mobile, reaches more than 8 million per month. The application has been downloaded more than 6,6 million times with order growth and sales growing by 250% year-on-year.

Total Shopback users currently reach 7 million people spread across 7 countries in the Asia Pacific region, namely Singapore, Malaysia, Indonesia, Philippines, Thailand, Taiwan, and Australia.